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A joint venture between NTPC Green Energy and ONGC Green Energy has emerged as the highest bidder for Ayana Renewable Power, offering approximately $650 million, according to sources involved in the deal.
The NTPC-ONGC venture outbid JSW Energy for Ayana Renewable Power, a renewable energy firm backed by the National Investment and Infrastructure Fund (NIIF). Ayana operates solar and wind plants with a combined capacity of 1,600 megawatts in India and has an additional 2,500 megawatts under development.
"After due diligence, NTPC Green Energy and ONGC Green Energy have jointly decided to acquire a 100% stake in Ayana Renewable Power through their joint venture," said a source. Neither NTPC, ONGC, nor Ayana Renewable Power responded to Reuters queries.
The acquisition is part of Indias broader push towards renewable energy. The Indian government aims to add 500 gigawatts of clean energy capacity by 2030 to meet its climate commitments.
NTPC Green Energy, a subsidiary of state-owned NTPC, is gearing up for a high-profile IPO, targeting a valuation of up to $10.8 billion. The offering, slated for November 19–22, is set to be one of India’s largest this year, with proceeds aimed at repaying NTPC Renewable Energys debt.
ONGC Green Energy, a division of Oil and Natural Gas Corporation (ONGC), is also expected to list within the current financial year. Both entities are positioning themselves as major players in Indias expanding renewable energy market. |
